Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 14A

14A Amendments of contracts requiring project trusts

(1) This section applies if an amendment is made to a contract and—

(a) before the amendment is made, the contract is not eligible for a project trust under section 14 ; and

(b) after the amendment is made, the contract is eligible for a project trust under section 14 .

Note—

If a contract requires a project trust under section 14 but, after an amendment of the contract is made, it would not require a project trust under section 14 , the requirement to have a project trust continues regardless of the amendment. See section 12 (4) .

(2) The contract is eligible for a project trust when the amendment takes effect.

(3) However, if the amendment is only an increase in the contract price, a project trust is required for the contract only if the amendment, together with any earlier amendments of the contract, increases the original contract price by 30% or more.

(4) In this section—

"amendment" , of a contract, includes any variation of the contract or change in the contract price.